When individuals make decisions about how much schooling to obtain, they
A) do not take account of the personal benefits that it creates.
B) do not take account of the external benefits that it creates.
C) overvalue the personal benefits that it creates.
D) overvalue the external benefits that it creates.
B
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In 2014, some European countries were dealing with a recession. Workers who were laid off in those countries due to the economic downturn would be
A) frictionally unemployed. B) structurally unemployed. C) cyclically unemployed. D) seasonally unemployed.
Under perfect competition, a business firm can accept losses:
a. only in the short run. b. only for 1 year. c. only in the long run. d. no longer than 10 years. e. never.
In which of the following occupations would employees be organized into craft/trade unions:
A. Hotel employee B. Restaurant worker C. Salesperson D. Plumber
Which of the following is NOT a predictable result of a price ceiling set below the market clearing? price?
A) an illegal market in the good
B) excess quantity supplied
C) excess quantity demanded
D) lines to purchase the product